If you have been counting your pennies and saving for the down payment on your Spring Texas home you will want to consider purchasing before October 1, 2008. Because on October 1, the minimum down payment requirement for FHA loans increases from 3% to 3.5% of the sales price.
You may think an extra .5% does not sound like a lot but let’s put it into perspective. On a $150,000 home, the minimum down payment increases from $4,500 to $5,250. A net increase of $750 which is the equivalent of about the cost of a washer and dryer. On a $200,000 home, the minimum down payment increases from $6,000 to $7,000. A net increase of $1,000 which is the equivalent of about the cost of a refrigerator.
In addition to the down payment that you will need to close on Spring Texas Homes, you will need money to cover inspection fees, earnest money, option fee, loan origination and other lender fees, prepaids, title fees, and don’t forget about the costs to move, a refrigerator, and a washer and dryer.
You can usually negotiate with the seller to pay some if not close to all of your closing costs and prepaids, but the down payment is not something that the seller can pay for you. In the end, an additional .5% for the minimum down payment is a BIG deal.
If you are tired of saving and want to take advantage of the lower minimum down payment requirement, give us a call at 281.804.8626. We have significant experience with buyers purchasing Spring Texas homes with FHA loans and know how to structure deals to keep your out of pocket expenses down to a minimum.
Jill is the best when it comes to knowledge of the market and providing you with the best insights for... read moreJill is the best when it comes to knowledge of the market and providing you with the best insights for what you're looking for. She goes above and beyond with helping you find the best deals, home options, and builders. She is quick to respond with any questions and easily accessible. I'll use Jill for my next home buying experience. read less